The FINANCIAL - Euro area international trade in goods surplus €25.8 bn

Euro area international trade in goods surplus €25.8 bn

Euro area international trade in goods surplus €25.8 bn

The FINANCIAL -- The first estimate for euro area exports of goods to the rest of the world in November 2020 was €196.7 billion. Compared with November 2019 (€198.6 bn), this is a decrease of 1.0% but it nevertheless indicates a return to pre-COVID levels. Imports from the rest of the world stood at €170.9 bn, a fall of 4.2% compared with November 2019 (€178.4 bn). As a result, the euro area recorded a €25.8 bn surplus in trade in goods with the rest of the world in November 2020, compared with +€20.2 bn in November 2019. Intra-euro area trade fell to €165.4 bn in November 2020, down by 1.3% compared with November 2019.

In January to November 2020, euro area exports of goods to the rest of the world stood at €1 941.3 bn (a decrease of 10.2% compared with January-November 2019), while imports amounted to €1 735.8 bn (a decrease of 11.6% compared with January-November 2019). As a result the euro area recorded a surplus of €205.4 bn, compared with +€198.4 bn in January-November 2019. Intra-euro area trade fell to €1 647.4 bn in January- November 2020, down by 9.7% compared with January-November 2019.

European Union

The first estimate for extra-EU exports of goods in November 2020 was €176.6 billion, down by 1.5% compared with November 2019 (€179.3 bn). Imports from the rest of the world stood at €151.3 bn, down by 6.2% compared with November 2019 (€161.3 bn). As a result, the EU recorded a €25.3 bn surplus in trade in goods with the rest of the world in November 2020, compared with +€18.0 bn in November 2019. Intra-EU trade rose to €266.2 bn in November 2020, +0.6% compared with November 2019.

In January to November 2020, extra-EU exports of goods stood at €1 756.6 bn (a decrease of 10.3% compared with January-November 2019) and imports at €1 569.4 bn (a decrease of 12.3% compared with January-November 2019). As a result, the EU recorded a surplus of €187.2 bn, compared with +€169.4 bn in January-November 2019. Intra-EU trade fell to €2 605.3 bn in January-November 2020, -8.4% compared with January-November 2019.

The degree to which the year-on-year development of exports and imports was affected depended however on the type of products. Energy recorded by far the largest drop, followed by machinery & vehicles and other manufactured products, while for food & drink, raw materials and chemicals levels were closer to those on 2019.

In the first eleven months of 2020, China was the main partner for the EU. This result was due to an increase of imports (+4.3%) and exports (+1.1%). At the same time trade with the United States recorded a significant drop in both imports (-13.0%) and exports (-9.3%).

Annual comparison by Member State

In November 2020, compared with November 2019, exports of goods decreased for fifteen Member States. The largest decrease was registered for Cyprus (-46.1%). Twelve Member States showed an increase, with the largest increases observed in Malta (+36.3%) and Slovakia (+25.8%).

With regard to imports, in November 2020, compared to November 2019, twenty Member States recorded drops, with the highest falls observed in Portugal (-25.3%) and Malta (-25.0%). The largest increases were observed in Slovenia (+32.6%), Estonia (+18.8%) and Hungary (+17.0%).

Author: The FINANCIAL